Bitcoin price analysis for 21 October 2022

Bitcoin price analysis for 21 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth day of this week, it seems that the pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates below 50 but is close to the overbought zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 21 October 2022

By diving into the daily timeframe, the price surpassed the downtrend trendline and drags above it.

The TFLOW V2 Algo has already generated two Short Daily signals and a potential third.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, Bitcoin surpassed the downtrend trendline but failed to remain over the 50 SMMA line of $19355.69. The Volume Profile indicator determines $19153.68 as a strong trading area. The price fluctuates below these areas.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50.

Conclusion

The price of Bitcoin forms a bearish momentum in medium-term scale as the technical analysis and the indicators coincide. In a short-term scale, it seems that sellers try to push the price lower. The price surpasses major trading areas, but the movement seems not strong enough.

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